The law now provides that if you sell your home in Australia, you will not get any exemption for the capital gain made if you are a non-resident of Australia at the time.
An exception is if you have been a foreign resident for a period of 6 years or less and certain life events have occurred ie. your death, or divorce (and equivalent) or terminal illness, or the death or terminal illness of your spouse, or child under 18 years old.
Transitional provisions provide an exemption if the dwelling was held before 9 May 2017 and sold on or before 30 June 2020.
With the start of the new year well under way and the holidays feeling like a somewhat distant dream, reality has definitely set back in.
This week we are talking about the changes to superannuation. Please click on the view more button to read more in-depth about the changes.
The first quarter of the 2020 financial year has come and gone. While many things remain the same, we have highlighted changes that may impact on your business and on you personally. Please contact us to discuss any of the measures.
Directors to be liable for their company's unpaid GST
Legislation is passing through Parliament that gives the Commissioner of Taxation the power to make company directors personally liable for their company's outstanding GST liabilities.
With the start of a new financial year, this blog highlights changes that may impact on your business and on you personally. Please contact us to discuss any of the measures.
Expanding accelerated depreciation for small businesses
Legislation has passed that means that businesses with a turnover of under $10 million can claim an immediate deduction for the business portion of each depreciating asset:
- purchased for less than $30,000 between 3 April 2019 and 30 June 2020;
- purchased for less than $25,000 between 29 January 2019 and 2 April 2019; and
- purchased for less than $20,000 before 29 January 2019.
